What is the lookback period for Form 941?
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Last modified 10/5/2023 6:18:39 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
The IRS Form 941 is a federal tax return that must be filed for each calendar year's four quarters. This four-quarter period is a 12-month period that begins on July 1 and ends on June 30, 2022. 2023 is July 1, 2021.
Usually, the total tax amount in the lookback period determines the deposit schedule - either monthly or semiweekly. You are a monthly scheduled depositor if the tax amount reported in Form 941, Line 12, is $50,000 or less. You are a semiweekly scheduled depositor if the total tax amount exceeds $50,000.
See the lookback period for 2023 below:
- Quarter 3: July 1 - September 30, 2021
- Quarter 4: October 1 - Dec 31, 2021
- Quarter 1: January 1 - March 31, 2022
- Quarter 2: April -1 - June 30, 2022
If you've filed only Form 941, the lookback period is 12 months (covering four quarters), ending on June 30th of the prior year.